**Security Assignment** has
the meaning given in Section 14.2. 

  

 **Security Interest** means any
mortgage, chattel mortgage, security interest, charge, pledge, lien, conditional sale agreement, title retention agreement, equipment trust agreement, encumbrance, assignment, hypothecation, right of detention or any other agreement or arrangement
having the effect of conferring security. 

  

 **Significant Default** means (a)
any Default which, with the giving of notice and/or lapse of time, would constitute any of the Events of Default referred to in paragraphs (a), (d), (e) or (h) or clause (i) of paragraph (j) of Schedule 9, or (b) the failure at the relevant time of
any Guarantee required pursuant to Section 5.15 hereof to remain, in any material respect, in full force and effect. 

  

 **SRM** has the meaning given in the introductory paragraph to Schedule 6. 

  

 **State of Design** means the state having jurisdiction over the Person responsible for the type design of the Aircraft or any Engine or Part. 

  


1-12